In a short video interview, Andrea Auerbach, global head of private investment research at Cambridge Associates, says that managers coming back to market and seeking higher levels of capital than previously present a red flag. Excerpts from the video include:

We know we are very late cycle in general and it definitely feels like we’re ticking down in the private equity realm.

Typically the threshold is two-thirds or three-quarters committed or reserved.

We encourage managers to fully invest the capital and come back to us.